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econ

TermDefinition
supply total amount of a specific good service that is available to consumers.
demand quantity of consumers who are willing and able to buy products at various prices during a given period of time
producer Create, or produce, goods and provide services
quantity supplied The number of goods or services that suppliers will produce and sell at a given market price.
quantity demanded total amount of a good or service that consumers demand over a given interval of time.
equilibrium condition or state in which economic forces are balanced
shortage condition where the quantity demanded is greater than the quantity supplied at the market price
surplus the amount of an asset or resource that exceeds the portion that is utilized.
scarcity when the demand for a resource is greater than the supply of that resource, as resources are limited. Limited goods, unlimited demand
opportunity cost the value of the next-best alternative when a decision is made
trade-off involves a sacrifice that must be made to get a certain product or experience.
marginal cost-benefit analysis process used to measure the benefits of a decision or taking action minus the costs associated with taking that action.
4 types of opportunity costs land, labor, physical and human capital
economic system societies or governments organize and distribute available resources, services, and goods across a geographic region or country
socialism property and the means of production are owned in common, typically controlled by the state or government.
laissez faire less the government is involved in the economy, the better off business will be, and by extension, society as a whole.
invisible hand metaphor for the unseen forces that move the free market economy
Created by: rblai5092
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